This credit incentivizes taxpayers to purchase qualified plug-in electric vehicles, offering a tax break when you purchase an eligible vehicle and start driving it in 2018. It can be either for personal or business use.
Go to this section in Credit Karma Tax: Qualified Plug-in Electric Drive Motor Vehicle Credit
You may qualify for this credit if you purchased an eligible two or four-wheel passenger vehicle or light truck in 2018.
A Qualified Plug-in Electric Drive Motor Vehicle must meet all of the following conditions:
- The vehicle must be propelled to a significant extent by an electric motor that is powered by a rechargeable electric battery.
- The battery must have a capacity of at least 4 kilowatt hours (or 2.5 kilowatt hours for two-wheeled electric vehicles).
- The battery must be capable of being recharged from an external power source.
- The vehicle must weigh less than 14,000 pounds (gross vehicle weight).
- If it is a two-wheeled plug-in electric vehicle, it must be capable of reaching speeds of 45 miles per hour or faster.
You must also meet all of the following requirements to claim this credit:
- You must be the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee, is entitled to the credit.
- The original use of the vehicle began with you.
- You acquired the vehicle for use or to lease to others, and not for resale.
- You placed the vehicle in service during 2018.
- The vehicle is manufactured primarily for use on public streets, roads, and highways.
- The vehicle must have been new when you purchased it.
- You used the vehicle primarily in the United States.
Source: irs.gov
Comments
0 comments
Article is closed for comments.